Mike's Spruce Grove Mortgage Blog

7 Efficiency Tips for Real Estate Closings, From a Spruce Grove Lawyer. Wednesday, May 1, 2019

7 Tips for Efficient Real Estate Closings from a Law office in Spruce Grove

Below, you will find a very timely list of things you can do to ensure timely and efficient closings this busy real estate season.  It also gives an idea on how to save costs at closing. I would like to thank lawyer Frank DeAngelis for this contribution.

LUCK. We all wish we had more of it.  Closing transactions for your clients ON TIME ™ doesn't need to rely on luck.  Here are Main Street Law LLP's stop seven tips for keeping your clients extremely happy by assisting us in closing their real estate transactions ON TIME ™:

1.      Do not schedule the closing date on the 1st, 15th, or end of the month. If you do schedule a closing date for these days, you're having your clients compete for the time of their lawyers, bankers, movers, utility providers, etc. with everybody else who tries to move on these days. Unless it needs to be one of these days for a specific reason, any other date is a better choice.
2.      When scheduling that alternate date, choose a Tuesday, Wednesday or Thursday closing when there is less demand for the resources of the service providers.
3.      Make sure the Real Property Report and Compliance Certificate are in order regardless of whether you are acting for the buyer or the vendor.  If acting for the vendor, start addressing this issue when taking the listing. Do not wait to address the Real Property Report and compliance issues until a late date as failing to address this issue early is probably the number one reason for late closings.
4.      If the Real Property Report and compliance certificate are not ready at the time the contract is entered into, consider title insurance as an alternative.  Be clear in the contract that title insurance is to be provided instead of a real property report and compliance if this is how the transaction is to proceed.
5.      Do not schedule closings for June 27th or 28th, schedule your closing to close the 24th, 25th, or 26th of June or July 3rd or 7th instead.
6.      Allow three weeks' time between condition waiver and the closing date. Note that a $400.00 RUSH closing fee is charged on any transactions that are scheduled to close with less than 10 working days' notice.
7.      Ensure that your office's assistants are instructed to send Conveyancing instructions immediately upon the transaction going unconditional.  Additional closing information, if needed, can be acquired at a later date.
The partners, our associates and all the Main Street Law LLP staff look forward to working collaboratively with you to ensure stress-free, "ON TIME" closings for you and your clients.  More information on our People and what we do can be found on our Web Site at mainstreetlaw.ca.
Best Regards;
Frank C DeAngelis
Barrister and Solicitor
Main Street Law Offices
Box 3407, 115 Main Street
Spruce Grove, Alberta T7X 3A7


posted by MIke Toporowsky at 12:53 pm

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